Macy’s (NYSE:M) Releases Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Macy’s (NYSE:M) issued its quarterly earnings results on Wednesday. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.23, Briefing.com reports. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $5.06 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. Macy’s’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS.

Macy’s Price Performance

Macy’s stock traded up $0.78 during trading on Friday, reaching $15.95. The company had a trading volume of 9,976,807 shares, compared to its average volume of 6,794,616. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.35 and a current ratio of 1.38. The firm’s 50-day simple moving average is $17.38 and its 200 day simple moving average is $18.72. The firm has a market capitalization of $4.41 billion, a PE ratio of 531.67 and a beta of 2.18. Macy’s has a 1-year low of $10.54 and a 1-year high of $22.10.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a dividend yield of 4.36%. Macy’s’s payout ratio is 2,300.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on M shares. Morgan Stanley decreased their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, May 22nd. StockNews.com began coverage on Macy’s in a research report on Thursday. They issued a “hold” rating for the company. Finally, Evercore ISI dropped their price objective on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and an average price target of $17.80.

Insider Activity

In related news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the sale, the chief executive officer now directly owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The disclosure for this sale can be found here. Insiders have sold a total of 43,464 shares of company stock worth $824,081 over the last 90 days. 2.77% of the stock is currently owned by company insiders.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.